Press Releases

European Market for Smart Home Technologies to Reach $18.2 Billion by 2023

October 05, 2018

WELLESLEY, Mass., Oct. 05, 2018 – Due to providing homeowners the ability to control the auto functioning of household equipment, automatic air conditioning, automatic door locking, utilization of renewable energy sources for home appliances, energy saving and perimeter surveillance, the European market for smart home technologies is garnering a lot of attention, according to a new report from BCC Research.

In 2018, the European market for smart home technologies was worth $12.8 billion. BCC Research estimates that it will reach a value of $18.2 billion, indicating a compound annual growth rate (CAGR) of 7.3%, according to Smart Home Technologies: European Markets to 2023.

An important feature of smart home technology is that it helps to conserve the Earth’s limited resources. People are becoming more aware of the capabilities of smart home technologies, as they make their homes smart and green using controllers that are integrated with the home sub-systems. Smart home technology also enables users to save energy by controlling lighting, HVAC systems, window coverings and irrigation.

Germany accounts for the largest share of the European market at a value of $4.1 billion by 2023, followed by the U.K.

Based on network technology, the European smart home technologies market segments include wired systems, power line communication systems, cable and satellite, and wireless systems.

“In the last 20 years, smart home technologies have evolved significantly, making it possible for users to control and monitor their appliances while away from home,” the report notes. “It can be used by anyone who has access to both the internet and interconnected appliances in the home. Many vendors are introducing new products for smart homes in the European market. For instance, in August 2018, Johnson Controls announced its new innovative smart home product GLAS product, which can be connected to Amazon Alexa, Microsoft Cortana and Google Assistant for a better voice control experience in smart home technology.”

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.